Doesn't look good
U.S. oil rigs continued to get crushed this week despite record levels of production.
Drillers idled 83 rigs, following a decline of 94 rigs in the prior week, Baker Hughes reported Friday. The total U.S. rig count is down 25 percent since October, an unprecedented four-month retreat.
The collapse in oil prices is wiping out more than 30,000 oil jobs, according to a tally of announced layoffs by Bloomberg News. Cowen & Co. estimates that spending on exploration and production are declining more than $116 billion, a 17 percent decline.
The oil crash hasn’t yet shown up in U.S. jobs numbers, and American oil production is at the highest level for this time of year since at least 1983. Still, there’s mounting anecdotal evidence of an industry in distress, and the rig counts appear to be in free fall. |
发表于 2015-2-4 00:51
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